Over the financial year 2004/2005, which comprises the period from 1 October 2004 to 30 September 2005, Orange European Property Fund NV realized a total
investment return of 43.3% based on the net asset value, taking into account the dividend paid of Eur0.34 in February 2005.Orange European Property Fund NV
focuses on investments in listed European property companies.

“In the past financial year the European quoted property sector showed again excellent returns.Under the assumption that interest rates will stay at today ’s levels we think the sector still has upside potential.For the next 12 months we expect a total return of 8%,of which 4%is dividend yield ”,says Boudewijn Brouwer, Senior Portfolio Manager with Orange European Property Fund NV.

The annual report 2004/2005 is expected to be available from the end of November 2005.

The key figures as at 30 September 2005 are as follows.
Net assets 1 : Eur 291.0m
Number of outstanding shares: 13,342,270
Net asset value per share: Eur21.81
Market price per share: Eur 22.05
Proposed dividend per share 2 : Eur 0.48
Total investment return 3 : 43.3%

1 Before profit appropriation
2 Based on the number of outstanding shares as at 30 September 2004
3 Over the financial year, based on net asset value per share and inclusive of dividend paid in 2005

Amsterdam, 11 November 2005
Orange European Property Fund is managed by Kempen Capital Management NV (KCM), a wholly owned subsidiary of Kempen & Co NV. KCM is specialised in asset management. For more information please visit www.kempen.com.
Source : Orange European Property Fund